Colu Local Network Recalls Token Amid Regulations

2017-18 was a pretty wild time in the world of
cryptocurrencies. Bitcoin was breaking all time highs and Ethereum was tagging along
for the ride. Bitcoin ended up peaking at $20,000 while Ethereum reached highs
of $1384. These new highs caused an avalanche of new cryptocurrency offerings
called ICOs, or initial coin offerings.

A company or team would list their token or coins functions
in a whitepaper and set up a fundraising goal. The majority of these projects
have raised very large amounts yet performed horribly after release. One of these
projects was Colu.

Fintech payment app Colu was not late to join in on the ICO
madness. The Israeli based company has managed to raise a whopping $17 M USD equivalent in 2018 to develop their own token. This ended up becoming the Colu Local
Network token, also known as CLN. Like many ICOs of its time, the price of CLN
has been declining pretty steadily since its launch.

Buy-Back?

In a rare move, Colu has announced a buy-back of Colu Local
Network token. In their announcement to Israeli media, Colu stated the success
of their app and growing global markets but issues with their cryptocurrency.
They have stated that regulatory issues have caused trouble for the company Colu
Local Networks was registered under. This was Colu DLT a registered company in Gibraltar
while Colu headquarters are mostly based in Tel Aviv.

This has caused Colu to declare a buy-back of CLN tokens in
circulation.

News of this buyback has caused CLN's price to explode. Its
value has doubled in the past 24 hours. The price went from $0.015 to $0.030 as
news spread. It is currently unknown at what rate Colu is buying back tokens.
All that is known, is that the tokens will be burnt following the buy back.

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